LUXURY chocolate chain Max Brenner has been thrown a lifeline at the last minute. The ailing brand which went into voluntary administration earlier this month has been rescued from liquidation by investment office Tozer & Co. The firm which is operated by brothers David and Craig Tozer, struck a deal last night to acquire the…
Pursuant to Regulation of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of Order of National Company Law Tribunal (NCLT), New Delhi dated 28.09.2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application…
A Perth-based startup that received over $65 million from investors has been placed into liquidation with just $50,000 left in the bank, with a Federal Court judge haranguing the company for having an app that does not work. The startup, Bux Global, was launched in 2016 and spruiked itself as a mobile app which allowed…
Coimbatore: In a ruling that would benefit workers seeking initiation of insolvency against their employer for pending wages, the National Company Law Appellate Tribunal (NCLAT) has said that eligible employees can be represented through a single application. With this, the NCLAT has overturned the order by the National Company Law Tribunals (NCLT), Kolkata bench that…
Sub: Extension of timelines for submission of Expression of Interest (EoI) Dear Sir, This is in reference to the captioned subject and our letter dated 25th September, 2018. We wish to inform you that as part of the Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016, Mr. Rajiv…
A Perth-based startup with an app promising cheap international money transfers has been put into liquidation. The Federal Court was told that Bux Global raised at least $65 million. Evidence was given to the court that cash raised went to fund the private expenses of those associated with the startup and that the app didnt…
Sears said Monday that it will close 142 more stores, part of its plans to file for Chapter 11 bankruptcy. Massive liquidation sales will start at the stores soon, the company said. Sears has closed hundreds of stores already in an effort to stay afloat, including 46 which are due to close next month. The…
Dear Sir/ Madam, Sub: Notice of Third Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you…
The Hyderabad High Court suspended the corporate insolvency resolution process against Madhucon Projects Ltd, a construction-cum-infrastructure company. TheCourt suspended the order passed by the National Company Law Tribunal (NCLT), Hyderabad bench, initiating corporate insolvency proceedings, with Rakesh R Rathi as the Interim Resolution Professional (IRP). On a petition moved by Madhucon Projects challenging the initiation…
By Amitabh Kant & Richa Roy The Insolvency and Bankruptcy Code (IBC), 2016, is among the most crucial structural reforms undertaken by this government. Yet, for IBC to be effective, the principles at the heart of the legislation must be respected. First, there has to be timely outcomes within 180 days (270 days for rare,…